Gas prices keep falling, may hit $3 a gallon

Four years ago price dropped to $1.64 a gallon

There is good news for anyone hitting the road for the holidays: gas prices are continuing to fall, and AAA said there's a good chance they may drop below the $3 mark in the days ahead.

If history is any indication, the $3 threshold may be just the beginning.

But some of the drivers WISN 12 News reporter Kent Wainscott spoke with Monday said they're skeptical that the prices will continue to fall.

Pump prices are plummeting. They are as low as $3.16 a gallon in a few spots around Milwaukee, which is catching the attention of drivers.

"Did you notice what the price was?" Wainscott asked a driver.

"I did -- $3.19," Sandy McIntosch of Greenfield said.

"And what do you think of that?" Wainscott asked.

"Fabulous. I can work with that," McIntosh said.

"It's still too high. It could go a little lower," Coy Berreth of Milwaukee said.

But the falling prices have many wondering how far they'll fall.

"How low will it go?" Wainscott asked another driver.

"Below $3, I would like that," Robert Jaeck of Franklin said.

"Will it get below $3?" Wainscott asked.

"Well, I'm not really confident, but I'd like it to," Berreth said.

AAA said don't count it out. Prices are likely to keep dropping and crossing the $3 threshold is possible in the days ahead.

"I don't think it's out of the question that we could continue to see prices drop below that $3 mark," Pamela Moen of AAA said.

If it happens, it would come eight months after the all-time high in Milwaukee of $4.20 a gallon.

But this price drop pales compared to just four years ago when the previous record of $4.19 a gallon was set in July.

"People forget that by Christmastime that year, we weren't only under $4 or $3, but we were under $2 a gallon," Moen said.

In fact, on this date four years ago today, the average pump price had fallen to $1.64 a gallon. But it was on the rise again two days later and continued to climb, and some expect that to happen again if the price does dip below the $3 mark.

"A good thing doesn't last too long," McIntosh said.

"We'll take it while we can get it. That's the way I see it," said Brenda Anderson of Milwaukee.

AAA said it's unlikely that we'll see $2 a gallon gas anytime soon.

But if we break the $3 mark, it would be the first time in more than two years that prices have gone that low.

Milwaukee drivers are paying the lowest gas prices in the state at $3.27 a gallon.